Homebuyers have gained $22,250 in purchasing power since mortgage rates hit a five-month peak in April. That astonishing fact is from Redfin’s latest report. Here are the other major key points: |
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Our take |
Now is a great time for serious homebuyers to get under contract on a house, especially when compared to earlier this year and all of last year. Mortgage rates are at their lowest level in more than four months, thanks to the latest inflation reports. Many sellers are having a hard time finding buyers due to the uptick in homes for sale and many listings going stale. This gives buyers a chance to get a good deal and negotiate for other concessions, like home repairs or help with closing costs. Our advice: tell your buyers to start taking action now before the Fed cuts rates in September and more people jump into the market. |
Homebuyers gaining purchasing power
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